Peter Ritz, FatBrain AI Co-Founder and CEO: LZG International Inc. (OTCMKTS:LZGI)
Peter B. Ritz is the CEO and Co-Founder of artificial intelligence pioneer FatBrain AI (LZG International Inc.).
Mr. Ritz has also served as an executive advisory board member for Exceda and as a Co-Founder and Managing Director for KeystoneNAP.
Additionally, he has been an Adjunct Lecturer at the University of Pennsylvania Law School and a Managing Director for CloudR Labs LLC.
Furthermore, he has served on the Service Provider Advisory Board for VMware and as President, Managing Director, and Co-Founder of Xtium.
Mr. Ritz received a B.A. in Biochemistry and Molecular Biology and a B.S. in Computer Science from the University of Maryland, and an A1 in Science from Baltimore Polytechnic Institute.
FatBrain AI was an artificial intelligence technology pioneer.
“…We were actually founded as a business in 2015, way, way before the words AI were really interesting or would get people excited about what’s going on in their daily life.
And the way we got started was working for really large companies.
Some of the customers we had early on were people like Goldman Sachs, to help them with trading optimization; folks like Comcast, to help them get the viewership for their clients better, and so on.
And people like Bank of America, to get the financial crime compliance in line and everything else.
But a few years back, we thought what would be really powerful is to take those kinds of AI solutions that we’ve been delivering to really large, well-capitalized businesses and aim them at helping the sector of the economy, what we call the middle of the pyramid, that drives most growth, both in terms of jobs and just overall economic activity.
And that is businesses that are 500 people or less; some are in finance, some are in health, some are in landscaping, plastic surgery, you name it, but it’s really the middle of the pyramid that we think has a tremendous value, both in terms of mission going forward to grow everybody’s fortunes together, but also impact.
And we have technologies that help along with that, and we have a focus to drive that value.”
LZG International (OTCMKTS:LZGI) artificial intelligence is based on “peer intelligence”.
“We’ve all actually used peer intelligence in traffic navigation. Anybody who’s ever used the Waze application usually understands that, because people are driving relatively close to you on the road, they are contributing their speed and some other information into a bigger traffic awareness and insight, and you’re able to navigate better and faster.
So, in this case, each contributes a little bit of their data, their personal data, into this bigger hole. And all of a sudden everybody can see better and avoid traffic better. So that’s how we’ve all experienced an example of that.
We took this simple idea, and we took it into what we call peer intelligence, as you said. And the example there is, the first thing that businesses normally would like to know is, how are they doing in their region? And specifically in their sector? If you have a landscaping business or if you have an insurance business, how am I doing versus my peers and what does that really mean?
And by the way, if you’re a large company, this is what McKinsey would do for you. The first thing that the management consulting firm McKinsey will do for you is just ground you as to where you fit, which quantile you fit in relative to your peers. So this first step in peer intelligence is to get you to understand quantitatively where you fit.
Just coincidentally, it’s a fundamental need we have as human beings because we always want to know, wait a second, where are we relative to the outside world? So, every business in this context wants to know, where do they fit relative to their region, relative to their market, and so on. So, it’s one of the things that the idea of peer intelligence gives you.
The next thing that’s very interesting that we’re able to provide is, wait a second, if I am in the middle quintile, right in the middle of the pack, or maybe I’m below the middle, how do I actually advance? What’s a practical way for me to podium up and become top quantile or better and do this on a continuous basis, so I can always improve?
And that’s a little bit of the two sleeves of what peer intelligence usually provides. One is, where am I today? And then two, how do I get to improve and what are the simple practical things I can do to get there? So those are the two things that we think are a big deal for every business to try to improve what we call their business wellness.
We have so much data coming to us now from our general ledger, from our portals and everything else. So the data is there, but how you make sense of it so it can help you improve in really simple ways is what peer intelligence is all about.”
The applications from LZG International (OTCMKTS:LZGI) artificial intelligence technologies are increasing rapidly.
“…We have a solution in a foreign exchange market.
There is a study that we use to underpin our solution and this study was by the International Monetary Fund, which found that small business that imports into United States or exports from United States pays 25 times more in foreign exchange fees, if you will, than some of the larger businesses that have treasury departments and manage these things.
And in very simple terms, small business always gets hit pretty hard. If they have a $50,000 or $100,000 invoice and they have to convert it from, let’s say, Norwegian kroner or they have to convert it from some South Asian currency into dollars and vice versa, they pay 25 times more — not 25%, 25 times more — for this kind of transaction.
And we’re able to do all sorts of things to help them and really save a lot of money.
What’s interesting in this context is in a clothing industry and it’s called the wholesale industry, there is a strange dynamic happening.
Because of COVID, government has subsidized a lot of grants and loans and other things to help businesses during the pandemic.
All those subsidies are going away.
In other spaces as well, but just keeping with the clothing wholesale business — and by the way, it’s a $60 billion business, so it’s a meaningful business just in the U.S.
Well, the problem is, they used to have factoring on their invoices that were 2% to 3% in terms of the interest rate on the factoring for that invoice.
Today, with inflation and all the interest rates going up, it’s ballooned probably closer to a double-digit number.
So the big issue everybody’s figuring out is like, oh my god, what can we do?
Well, we have a solution that, through a subscription, is going to substantially decrease the cost of that ballooning factoring interest rate and improve something on the foreign exchange front.
So as a bundle, it provides a tremendous saving.
So we see it from a customer perspective of what’s the customer facing, and how we can help.
And what we’re very excited about is that not only can we help, but there’s great solutions to almost unlock them from their existing relationship that’s going to charge them a double-digit rate in addition to the foreign exchange situation and really help them along through a subscription.
So we think that’s going to be helpful to them and it’s going to be super accretive to us.”
Get all the detail on the development of artificial intelligence applications from FatBrain AI by reading the entire interview with Peter B. Ritz, the CEO and Co-Founder of FatBrain AI (LZG International OTCMKTS:LZGI), exclusively in the Wall Street Transcript.
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